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8/18/14
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In an interesting Hollywood multifamily buy, LA-based CGI Strategies in Real Estate has acquired The Villa Carlotta, an historic 50-unit apartment building in the Franklin Village submarket of Hollywood, in a deal valued at $12.25 mil ($245k/unit).
The four-story, 46k sf property, located at 5959 Franklin Ave, was built in 1926 for the widow of silent film pioneer Thomas Ince as a residential apartment house for Hollywood notables. Residents included Edward G. Robinson, David O. Selznick, Marion Davies, and longtime resident Louella Parsons, who penned her popular gossip column from her two-bedroom townhome.
The classic Hollywood Spanish Colonial style building was designed by Arthur E. Harvey, whose work includes some of the most architecturally relevant buildings in Los Angeles, including the Chateau Elysee (now the Scientology Celebrity Centre), the American Storage Company Building and the Selig retail store, an Art Deco landmark in MacArthur Park. The Villa Carlotta was designated a Los Angeles Historic Cultural Monument in 1986.
The building features a unit mix of studio and one-bedroom apartments ranging in size from 505 sf to 706 sf. The property also includes two, 1.2k sf, two-bedroom, two-bath townhomes. Each unit features original hardwood floors, vaulted ceilings with stenciled wood beams, ornate crown moldings, wrought iron balconies and classic cabinetry and plumbing.
The centerpiece of the Villa Carlotta is its 1.5k sf grand lobby replete with hand painted coffered ceilings, detailed mahogany woodwork, marble statuary, stone fireplace and antique lighting. The apartments wrap around a lushly landscaped center courtyard with fountains and private seating areas.
“The Villa Carlotta is one of the Grande Dames of Hollywood buildings, an irreplaceable asset that has been untouched for the past 50 years,” said CGI Principal Adrian Goldstein. “We intend to unlock its amazing potential with a thoughtful renovation program that will include interior and common area improvements, new building systems and amenities including a rooftop lounge with unobstructed views of the iconic Hollywood Sign. All this will be done while remaining true to Villa Carlotta’s rich architectural integrity and historic charm.”
The multimillion-dollar capital improvement program is expected to be completed in 2015. CGI will reposition the property as luxury long-term rentals appealing to individuals seeking an authentic Hollywood experience. The Villa Carlotta also will feature a number of fully furnished, extended stay apartments catering to the executive engaged in the entertainment, Internet and technology business, traveling to Hollywood to work on a project.
Ronald Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap Real Estate Investment Services represented both parties in the transaction.
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